Investors Love Sustainable Mining
This week twenty-seven crypto companies raised capital totaling $1.46 billion, more than half of which went to two miners, Crusoe Energy Systems and Bit Digital. Web3 came in second, bringing in over $226 million, followed by CeFi ($137 million), NFTs ($129 million), Infrastructure ($92 million), and DeFi ($20 million).
Additionally, four funds launched this week after raising a combined $610 million. Framework Ventures’ newest fund was the standout, raising $400 million for web3 gaming and DeFi investments.
Deal of The Week
Crusoe Energy Systems, a flared natural gas mining platform, raised a $350 million Series C round in addition to a $155 million credit facility. The Series C offering was led by G2 Venture Partners, a climate-focused venture capital firm with additional participation from Valor Equity Partners, Polychain Capital, Bain Capital Ventures, Winklevoss Capital, and Castle Island Ventures.
Why it’s important: Crusoe’s platform allows oil drilling operations to easily convert natural gas that’s normally “flared” or wasted into electricity to power crypto mining. The use of otherwise wasted energy for mining should go a long way to change the perception that Bitcoin and crypto broadly are net negatives for the environment. The company plan...Reports you may have missed
WEEKLY RECAP Weekly funding fell by 34% from $126 million to $83 million, while deal count rose approximately 22% from 18 to 22. Infrastructure was the leading category, totaling $51 million across nine deals and comprising 61% of total funding. CeFi logged its second consecutive week of two deals, including Caliza’s $8.5 million investment round supporting its mission to provide cross-border remittances leveraging stablecoins. Web3 and Gaming deal flow has...
WEEKLY RECAP In the final week of Q2, crypto funding bounced back, rising 64% from $78 million to $128 million, while deal count rose modestly from 18 to 20. The funding total was dominated by Infrastructure, which comprised 88% of the total and also made up 55% of the total deal count. CeFi broke its streak of two weeks with no deal flow with a singular Series A round completed...
WEEKLY RECAP Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its...
